Dow closes at 12479.63, S&P at 1375.93 and the Nasdaq at 2444.67. Pretty? I think not. Next week is a four day trading week and I can’t even pretend to know if the market will do an oversold bounce. If it does, it will just fall again. So if by some chance one has not exited long positions, a bounce may be your last chance. This isn’t a doom and gloom prognosis, just a reality check. I sure hope everyone had a profitable week and that you had no nasty surprises to the downside.
We took the MKSI short position (swing trade), so we’ll be monitoring that position for you next week. The only upside I really saw in this market today was some short-covering before the long weekend, and that wasn’t at all surprising. It was just a very small intraday movement. The volume on the sell side is still high, even though overall volume on the NYSE is pitiful. Hmmm….no real buying.
I know it’s a holiday weekend, but check in with us when you can. We will have commentary and any other updates tonight and over the weekend, as usual.
3 Comments
May 23rd, 2008 at 4:42 pm
Hello Lisa,
CNBC reported that a major municipality in
Califfornia has filed for bankruptcy.
Might be interesting to check it out.
Hope You and Chuck have a fantastic
weekend.
Warm Regards,
Noel
May 23rd, 2008 at 7:03 pm
Hey, Noel! The town is Vallejo, California. The news was out some time back, but this annoucement just makes it official. They tried to stave it off, but to no avail. I’m sure they won’t be the last.
December 1st, 2008 at 3:42 pm
What tinme of the day does the New York stock market close? Is it 4:00PM Eastern time? If so, is that two hours past Central time?